Business in Hong Kong
Doing business in Hong Kong is a bit of an anomaly, as it is technically part of China, which is a communist-socialist hybrid economy. Yet Hong Kong is one of the primary centers for business, capitalism and trade in the World and the capital of world commerce in Asia. So when doing business in Hong Kong, a city of over 7 million people, there are a number of things you should know, which are listed below.
One of the Top Places to Start a Business
Hong Kong was ranked 6th out of 183 different economies in the world as a top place to start a business in 2011. What's most surprising about this is that Hong Kong actually was considered an easier place to start a business in 2010 when it was ranked 5th in the world.
Best Place to Get Construction Permits
If you want to build something in Hong Kong and you have the capital to do so, it is considered the best place in the world to get a prompt and efficiently inspected construction permit. A water and sewage connection will take about one day on average, as will a general building inspection. So if you want to build in Hong Kong, you should have no trouble.
Registering Property Difficulties
On the flip side of that, if you are selling property and your business in Hong Kong, it can a month or so to make this happen, as this can pose problems for the economy in general. Hong Kong is ranked 56th in the world for registering property.
High Salaries, Minimum Wages
Money is made in bundles in Hong Kong so much that the cost of living is incredibly high, driving up salaries on all levels. For example, the minimum wage in Hong Kong is twenty-eight dollars, which is nearly four times the minimum wage in the United States, which is considered one of the strongest economies in the world.
